Danville CA Homes for Sale | Danville Market Update May 2017
- Most pending sales since 2004
- Less than a month’s supply
- 18 days on market
- Median sales price ticks up 3%
Buyers came to Danville ready to act, driving pending sales to their highest level since 2004 and time on the market to only 18 days. Inventory, which had been on the rise, dipped 5%, unable to keep pace with sales. However, there was a significant influx of new homes on the market. The proof of that was the small drop in inventory relative to the 51% jump in closed sales. Prices have been relatively stable the past few months and were up 4% from a year ago.
96 sales went to contract during May, up 48% from 65 in April and 13% from May 2016’s 85. Closed sales were also up sharply, from 55 in April to 83 in May. Inventory dipped 5%, from 96 at the end of April to 91 at the end of May. 100 properties were actively listed a year ago. May ended with a 0.9 month supply, down from 1.5 months at the end of April.
The median sales price in May was $1.3 million, up 3% from $1,268,000 in April and 4% from $1.25 million in May 2016. The price per square foot increased from $476 in April to $494 in May, compared to $479 a year ago. The average sale in May was for 100% of the list price, down slightly from 101% in April but equal to May 2016. Homes sold in an average of 18 days in May, unchanged from Aopril.
The tables below provide further details on the current Danville CA market compared to prior periods, as well as a look at different market segments.
Sellers: It is a great time to be selling a home in Danville. Inventory is very low and demand is strong, especially for prime properties in excellent condition that are priced right. Proper marketing and staging will be important to getting the most for your home. While multiple offers are still occurring for a few select properties, most other homes have to be priced strategically to get top dollar. More than ever, having a highly competent agent who knows the Danville market will be critical to your success
Buyers: The current market has been fairly balanced, especially compared to the previous few years but inventory is low and multiple offers much more common than in the past year. Prime properties, in particular, are getting a great deal of attention and multiple offers. Being prepared to act quickly will be the key to getting the home you are looking for. Having a professional Realtor who understands the Danville market and your own strengths as a buyer will put you in a strong position to secure the home you really want.